As the saying goes, hold USDT in a bear market, and hold coins in a bull market. Recently, the market has corrected, and funds first flowed into stablecoins, then began to look for "offensive" targets linked to leading stablecoins. In the Ethena ecosystem, this offensive entry point is Terminal Finance @Terminal_fi, a DEX and yield infrastructure incubated by Ethena. The high APR of USDe is attracting attention and liquidity, which is converging towards Terminal. The strength of $ENA is also driven by the demand for trading and vaults within the ecosystem. 🎯 Sources of Yield The yield from USDe comes from a combination of "earning interest on ETH + shorting futures for hedging," forming a relatively stable interest spread. For Terminal, the key is: 1️⃣ Trading: The more active the USDe-related trading pairs, the more substantial the DEX's liquidity and fee income. 2️⃣ Vaults: More people using USDe for strategy positions will quickly increase the vault capacity and fee rates. 3️⃣ Ecosystem Interaction: When new funds enter USDe, the most direct beneficiaries are the underlying facilities that support trading and strategies. To put it bluntly: USDe "brings water," and Terminal "consumes water." As long as the water level rises, Terminal's trading volume, fee income, and TVL will more easily rise in sync. 💰 Key Data The Terminal vault has reached full capacity, with a TVL exceeding $300 million, making it one of the largest protocols in the Ethena ecosystem. The total supply of USDe and the ecosystem's TVL continue to climb, providing a sustained "base water" for Terminal's trading depth and strategy capacity. Compared to simply holding coins, Terminal offers more direct yields: trading related to USDe, market making, and strategy positions amplify the liquidity bonus. 🔄 Market Rotation In the current market environment, $ENA has entered the top 100 on CoinMarketCap. This indicates that investors are beginning to recognize the true value of yield-generating stablecoins. If you are looking for beta opportunities in the Ethena ecosystem, @Terminal_fi is worth paying attention to. As the protocol with the largest TVL in the ecosystem, it directly benefits from the growth of USDe. ⚡️ How to Participate Observation: First, track the depth and fee rates of USDe-related trading pairs to confirm whether the activity level is sustained. Vaults: Pay attention to the capacity and yield curves of Terminal's various vaults, looking for opportunities when they are full or expanding. Risks: The strategy still relies on hedging and capital efficiency, so be mindful of extreme volatility, funding rates, and counterparty risks in contracts. When the main protocol Ethena performs strongly, the resilience of the ecosystem's infrastructure is usually greater, and Terminal, as the DEX of the ecosystem project, is often the first place to receive incremental funds. ————————————————————————— In turbulent times, USDe provides "stability," while Terminal offers "progress." As traditional funds begin to enter crypto-native yield tools, the underlying infrastructure that can directly support trading, market making, and strategy demands will be viewed more favorably. This is precisely the opportunity window for @Terminal_fi. Maintaining sensitivity to the incremental growth of USDe, combined with changes in Terminal's capacity and fee rates, often allows for earlier participation.